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Clayton's Case

An English case which established a presumption that monies withdrawn from a money account are presumed to be debits from those monies first deposited; first in, first out.

An English case which established a presumption that monies withdrawn from a money account are presumed to be debits from those monies first deposited; first in, first out.

The proper citation is Devaynes v. Noble (1816) 1 Mer. 572.

The presumption is not applicable to fiduciaries, who are presumed to withdraw their own money first, and not trust money.

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Unless otherwise noted, this article was written by Lloyd Duhaime, Barrister, Solicitor, Attorney and Lawyer (and Notary Public!). It is not intended to be legal advice and you would be foolhardy to rely on it in respect to any specific situation you or an acquaintance may be facing. In addition, the law changes rapidly and sometimes with little notice so from time to time, an article may not be up to date. Therefore, this is merely legal information designed to educate the reader. If you have a real situation, this information will serve as a good springboard to get legal advice from a lawyer.

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